“Fatih Birol, the International Energy Agency’s executive director, has said the energy crisis is ‘very severe’ and that the global economy is ‘facing a major, major threat,’” CNN reports.“The situation, he said, is worse than the two consecutive oil crises in 1973 and 1979, in which the world lost about 10 million barrels of oil per day, and the gas market crash following Russia’s invasion of Ukraine.”